TSB cutting savings rates

Be_Happy

Just had email from TSB saying they are cutting interest rates on various savings accounts from September.

Terry_Towelling

Which accounts? From what to what?

molerat

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As part of our regular review of savings interest rates and the market, we’ve made the decision to reduce the interest rates on our variable savings accounts by 0.15%* from 10 September 2019. Details of the new interest rates for our variable rate savings accounts can be viewed here tsb.co.uk/interest-rate-reduction-on-savings

Good old TSB. The link goes to a page with a further link "Find out what your new rate will be" which goes to a Page Not Found.[/FONT]
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tel_

I only opened-up an account with them in November - the TSB Classic Plus Account - but will use this to switch to another provider which offers a £100 + switch incentive.

I was wondering though if I could apply to open another Classic Plus Account with TSB, say a least a month later, to still get the monthly 3% interest?

I couldn't see anywhere on their literature that you have to wait two or more years to open another account with them in the same name.

Can someone clarify?

Zanderman

tel_ wrote: »

I only opened-up an account with them in November - the TSB Classic Plus Account - but will use this to switch to another provider which offers a £100 + switch incentive.

I was wondering though if I could apply to open another Classic Plus Account with TSB, say a least a month later, to still get the monthly 3% interest?

I couldn't see anywhere on their literature that you have to wait two or more years to open another account with them in the same name.

Can someone clarify?

Why not just open an ordinary TSB Classic account (not a Classic Plus) now as a second account and switch that once it's opened, keeping the original Classic Plus.
Much simpler, and then you don't have to worry about the question you've just asked.

tel_

Zanderman wrote: »

Why not just open an ordinary TSB Classic account (not a Classic Plus) now as a second account and switch that once it's opened, keeping the original Classic Plus.
Much simpler, and then you don't have to worry about the question you've just asked.

I didn't know that was possible.

I just love these MSE forums :rotfl:

Thanks Zanderman on the great advice.

Herbalus

molerat wrote: »

[FONT=Arial,sans-serif]Good old TSB. The link goes to a page with a further link "Find out what your new rate will be" which goes to a Page Not Found.[/FONT]
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Probably because their interest rates do not exist.

tel_

I've just applied for another account with TSB, but do you really need to set-up another username & password?

I thought I could log in to my current TSB account and just apply from there, but at the end of the application, it asks me to create an online account.

[Deleted User]

Be_Happy wrote: »

Just had email from TSB saying they are cutting interest rates on various savings accounts from September.

I think it is referring to variablerate savings accounts, so presumably won't affect existing TSB Monthly Savers account, where the rate is fixed for the term. Presumably it won't affect the Classic Plus current account, which is not a savings account (although used as such) and where an interest rate drop from 5% to 3% is already announced for July. However I have been unable to check out the detail on the TSB website so may stand to be corrected.

ColdIron

molerat wrote: »

[FONT=Arial,sans-serif]Good old TSB. The link goes to a page with a further link "Find out what your new rate will be" which goes to a Page Not Found.[/FONT]

It seems to work now. It only apples to the Easy Saver and eSavings accounts, both of which are being reduced from 0.30% to 0.15%. I can't see many MSEers being troubled by this

Aidanmc

Have you ever received switching bonus from TSB? If not you could switch out your existing TSB account and reapply later using a recommend a friend link before 31 July.

tel_ wrote: »

I only opened-up an account with them in November - the TSB Classic Plus Account - but will use this to switch to another provider which offers a £100 + switch incentive.

I was wondering though if I could apply to open another Classic Plus Account with TSB, say a least a month later, to still get the monthly 3% interest?

I couldn't see anywhere on their literature that you have to wait two or more years to open another account with them in the same name.

Can someone clarify?